6. Y = (K, L) Production Function Czech, B. 2009. The neoclassical production function as a relic of anti-George politics: implications for ecological economics. Ecological Economics 68:2193-2197.
18. But what about technological progress? Czech, B. 2008. Prospects for reconciling economic growth and biodiversity conservation with technological progress. Conservation Biology 22(6):1389-1398.
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22. K T GDP Natural capital allocated to human economy Natural capital allocated to economy of nature X natural capital allocable Time K U Natural Capital Allocation
23. Capital-free growth zone K T 1 K T 2 GDP Time K U Reconciliation Hypothesis Natural capital allocated to human economy Natural capital allocated to economy of nature X natural capital (still) allocable
28. Representative Nations (Duga and Stadt 2005) 22% 7% 71% USA 24.1% 8.9% 67.0% UK 19.5% 2.8% 77.6% Sweden 5.6% 24.5% 69.9% Russia 33.8% 44.9% 21.4% Poland 30.6% 39.1% 30.3% Mexico 16.1% 9.5% 74.4% Japan 17.1% 13.8% 69.1% Germany 10.1% 28.7% 61.2% China 29.5% 22.9% 47.5% Australia Acad./Other Government Corporations Nation
29. Representative Nations 30% global R&D (Duga and Stadt 2005) 22% 7% 71% USA 24.1% 8.9% 67.0% UK 19.5% 2.8% 77.6% Sweden 5.6% 24.5% 69.9% Russia 33.8% 44.9% 21.4% Poland 30.6% 39.1% 30.3% Mexico 16.1% 9.5% 74.4% Japan 17.1% 13.8% 69.1% Germany 10.1% 28.7% 61.2% China 29.5% 22.9% 47.5% Australia Acad./Other Government Corporations Nation
51. X/2 re-allocated K T 1 K T 2 GDP Time K U Natural capital allocated to human economy Natural capital allocated to economy of nature X/2 natural capital allocable Hypothesis Refuted
Technological progress, in the vernacular, implies inventions and innovation. In economic terms, technological progress refers to increasing output per unit input, or increasing “productive efficiency,” resulting from inventions and innovation.
Technological progress, in the vernacular, implies inventions and innovation. In economic terms, technological progress refers to increasing output per unit input, or increasing “productive efficiency,” resulting from inventions and innovation.
Technological progress, in the vernacular, implies inventions and innovation. In economic terms, technological progress refers to increasing output per unit input, or increasing “productive efficiency,” resulting from inventions and innovation.
The first law of thermodynamics, along with Einstein’s insight on the equivalence of energy and matter, tell us that neither energy nor matter may be created nor destroyed (although they may be transformed). This puts a ceiling on the amount of material and energy available for economic production. The second law, the entropy law, may be reduced to the statement that no production process may achieve 100% efficiency. The first and second laws do not allow for a perpetual increase in the production and consumption of goods and services. That is, they put a cap on economic growth.